Oil prices surged sharply in European markets.
Approaching the $150 per barrel level.
Amid the crisis in the Strait of Hormuz.
And growing fears of supply shortages.
Brent crude rose more than 6%.
Crossing the $100 mark.
As the United States moves to impose naval restrictions.
On shipping linked to Iran.
Following failed political negotiations.
While still below the 2008 peak.
Spot prices have exceeded previous levels.
Due to strong demand for immediate supply.
